Armstrong: Seeking long-term partnership.
Next Wave Partners, a UK-based private equity, yesterday said it has obtained $45mn refinancing from QInvest for its subsidiary Petainer, a leader in the manufacture of large containers and refillable PET packaging.
For Petainer, which is also a leading player in the Scandinavian PET bottle market, the refinancing was the first deal of a new “strategic partnership”.
The refinancing from QInvest will provide capital for the development of new facilities for Petainer as the business continues to grow in new and existing markets.
“The new facilities for Petainer create a strong platform to capitalise on global opportunities in the PET large container market and will also accelerate Petainer’s already strong growth in small containers in Western Europe,” Stephen Walls, partner at Next Wave Partners and chairman of Petainer, said.
The refinancing is amongst the world’s first Shariah-compliant ‘unitranche’ structure, which combines senior and subordinated into one instrument and the borrower pays one single combined profit rate to one lender, and the blended rate falls between the rate for senior and subordinated notes. “We are delighted to be backing Petainer as it embarks on an exciting phase of growth in both developed and developing markets and particularly excited given the innovative nature of the transaction. QInvest looks forward to working further with Next Wave Partners and building a long term partnership,” Alex Armstrong (pictured), Head of Financial Institutions and Structured Finance at QInvest, said.